Financial Accounting: Understanding the Big Picture

Financial accounting is a very detailed discipline, but the details must be properly understood otherwise they have no value.

To succeed in accounting, an accounting student must understand the financial statements and how they work together to form the big picture. Having an understanding of the financial statements will enable an accountant to make journal entries using common sense, and will empower managers and owners to make solid business decisions.

This class is designed to walk you through the balance sheet, income statement, and statement of cash flows.

We will take a basic look at each financial statement, understanding the accounts contained in the statements and the general layout of each statement.

We will then move on to more advanced discussions of what the financial statements really mean. These discussions will be plain-English explanations that will enable you to conceptualise the meaning and usefulness of the statements.

The class will then transition to understanding how the financial statements fit together to form the entire picture of the business.

After completing these lectures, we will work through a comprehensive example. The example will trace journal entries through each financial statement. This portion of the class is designed to reinforce the lectures and help you see the big picture!

I truly believe that the secret to being a great accountant and successful businessperson is being able to see the big picture. Please join me for an enjoyable class that will change the way you see accounting.

Details

Authors of course Financial Accounting: Understanding the Big Picture

Clint Locke

Clint Locke, JD, CPA (inactive), is a practicing tax attorney with over 10 years of accounting and legal experience.

He began his career as an auditor with Ernst & Young, LLP, one of “Big Four” public accounting firms. His experience as an auditor at Ernst & Young exposed him to thousands of financial documents and transactions in various industries.

He worked with numerous partners, CFOs and CEOs to issue financial statements in accordance with GAAP. After several years with Ernst & Young, Clint went to work with Cain, Watters, and Associates, as an associate financial planner. He was responsible for investment planning, tax planning and bookkeeping functions associated with small business clients.

He also worked with estate planning attorneys, contract attorneys and pension attorneys to achieve strategic solutions for wealth preservation. While working for Cain Watters, Clint got the law school bug.

After law school, he took a job with the IRS Office of Chief Counsel. As a tax attorney, Clint is constantly reviewing financial information, researching the legal aspects of accounting and tax, and litigating in U.S. Tax Court. Clint’s accounting knowledge combined with his legal expertise enables him to analyze and communicate accounting information in a way that everyone can understand.

Clint earned his BBA in Accounting from Freed-Hardeman University. He received his Juris Doctorate with cum laude honors from The University of Alabama School of Law. He is a member of the Texas State Board of Public Accountancy, Alabama State Board of Public Accountancy, Alabama State Bar, and is admitted to practice before the U.S. Tax Court.

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